Newsmax will buy up to $5 million in Bitcoin and Trump Coin
Newsmax confirmed Thursday that its board approved a plan to buy up to $5 million worth of Bitcoin and Trump Coin within the next twelve months, according to a statement shared by the network’s executives. The purchases will begin “soon,” with future acquisitions depending on how the crypto market behaves. That announcement instantly sent Newsmax shares up 4.1% in after-hours trading, landing at $11.27.
The decision makes Newsmax the first New York Stock Exchange (NYSE)-listed company to officially hold Trump Coin in its balance sheet.
Chief Executive Christopher Ruddy explained that Trump Coin’s value “should track the success of the Trump presidency, which so far has been impressive.” Ruddy said the initiative aims to diversify corporate holdings and align with the growing crypto adoption taking place across U.S. institutions.
Trump expands his wealth through massive crypto gains
Last year, Donald Trump told a court he was nearly out of money. He warned that unless a $500 million civil penalty was reduced to around $100 million, he would have to liquidate his real estate empire to stay afloat. But in less than a year, everything has flipped.
Trump is now both President of the United States and one of the wealthiest officeholders in modern history, his businesses booming both at home and abroad. While past presidents often gave up income for public service, Trump has used his position to generate extraordinary profits through business ventures.
He has made tens of millions from selling branded bibles, sneakers, autographed guitars, and even cologne. Several social media and news outlets have also paid him hefty legal settlements, cases that most legal experts dismissed as weak.
Trump’s wife, Melania Trump, has reportedly signed a $40 million documentary deal with Amazon, surpassing the going rate for similar projects in the streaming industry.
The real story, though, lies in Trump’s growing crypto empire. According to a Financial Times investigation, the Trump family has made over $1 billion in pre-tax profits during the past year, largely fueled by the crypto rally that has defined his new term.
And the $1 billiob doesn’t even include his unrealized gains, which have boosted his net worth on paper by billions more. His stake in Trump Media & Technology Group, which owns Truth Social and a Bitcoin treasury business, is now worth roughly $1.9 billion.
When asked by the Financial Times if those estimates were accurate, Eric Trump allegedly said the family’s total was “probably more,” hinting that the full scale of their crypto operations remains unknown. The Trump ecosystem spans memecoins, NFTs, stablecoins, tokens, and even a DeFi platform, all wrapped in the family’s branding.
Crypto-friendly policies reshape Washington
Inside Washington, Trump has kept his campaign promise to become the “first crypto president.” He has ordered the formation of a national Bitcoin reserve, and installed crypto-supportive regulators across federal agencies.
Under Trump’s new SEC chairman Paul Atkins, many investigations into major crypto companies like Kraken, Binance, BitMEX, Coinbase, Gemini, Tether, and Circle have been quietly dropped. The administration has also encouraged crypto companies that fled the U.S. under Joe Biden to return and restart operations there, aiming to beat China, as the president puts it.
Over the past nine months, Bitcoin has broken about ten all-time highs, energizing markets and cementing the new administration’s influence on the global crypto sector. Executives from the largest crypto exchanges and blockchain firms have been seen visiting Trump’s White House, in what is seen as a deep integration of politics and crypto finance.
“We’re going to be growing it even more. More than people thought,” said Trump about the crypto sector this summer. “It’s a really hot industry.”
Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.
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Newsmax will buy up to $5 million in Bitcoin and Trump Coin
Newsmax confirmed Thursday that its board approved a plan to buy up to $5 million worth of Bitcoin and Trump Coin within the next twelve months, according to a statement shared by the network’s executives. The purchases will begin “soon,” with future acquisitions depending on how the crypto market behaves. That announcement instantly sent Newsmax shares up 4.1% in after-hours trading, landing at $11.27.
The decision makes Newsmax the first New York Stock Exchange (NYSE)-listed company to officially hold Trump Coin in its balance sheet.
Chief Executive Christopher Ruddy explained that Trump Coin’s value “should track the success of the Trump presidency, which so far has been impressive.” Ruddy said the initiative aims to diversify corporate holdings and align with the growing crypto adoption taking place across U.S. institutions.
Trump expands his wealth through massive crypto gains
Last year, Donald Trump told a court he was nearly out of money. He warned that unless a $500 million civil penalty was reduced to around $100 million, he would have to liquidate his real estate empire to stay afloat. But in less than a year, everything has flipped.
Trump is now both President of the United States and one of the wealthiest officeholders in modern history, his businesses booming both at home and abroad. While past presidents often gave up income for public service, Trump has used his position to generate extraordinary profits through business ventures.
He has made tens of millions from selling branded bibles, sneakers, autographed guitars, and even cologne. Several social media and news outlets have also paid him hefty legal settlements, cases that most legal experts dismissed as weak.
Trump’s wife, Melania Trump, has reportedly signed a $40 million documentary deal with Amazon, surpassing the going rate for similar projects in the streaming industry.
The real story, though, lies in Trump’s growing crypto empire. According to a Financial Times investigation, the Trump family has made over $1 billion in pre-tax profits during the past year, largely fueled by the crypto rally that has defined his new term.
And the $1 billiob doesn’t even include his unrealized gains, which have boosted his net worth on paper by billions more. His stake in Trump Media & Technology Group, which owns Truth Social and a Bitcoin treasury business, is now worth roughly $1.9 billion.
When asked by the Financial Times if those estimates were accurate, Eric Trump allegedly said the family’s total was “probably more,” hinting that the full scale of their crypto operations remains unknown. The Trump ecosystem spans memecoins, NFTs, stablecoins, tokens, and even a DeFi platform, all wrapped in the family’s branding.
Crypto-friendly policies reshape Washington
Inside Washington, Trump has kept his campaign promise to become the “first crypto president.” He has ordered the formation of a national Bitcoin reserve, and installed crypto-supportive regulators across federal agencies.
Under Trump’s new SEC chairman Paul Atkins, many investigations into major crypto companies like Kraken, Binance, BitMEX, Coinbase, Gemini, Tether, and Circle have been quietly dropped. The administration has also encouraged crypto companies that fled the U.S. under Joe Biden to return and restart operations there, aiming to beat China, as the president puts it.
Over the past nine months, Bitcoin has broken about ten all-time highs, energizing markets and cementing the new administration’s influence on the global crypto sector. Executives from the largest crypto exchanges and blockchain firms have been seen visiting Trump’s White House, in what is seen as a deep integration of politics and crypto finance.
“We’re going to be growing it even more. More than people thought,” said Trump about the crypto sector this summer. “It’s a really hot industry.”
Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.
Read More
Arthur Hayes Preparing $250 Million Private Equity Fund for Crypto Firms